Toronto condos being snapped up by tenants..

Intense competition means condos are being rented within 10 days of listing at average rents of $2,219 Ontario’s expanded rent control rules, in place since April, couldn’t stop a 10.3% hike in condo rents over the past year, according to a new study. Condo research firm Urbanation Inc. said Thursday the average index rent in the […]

Toronto market cools, creates sticky situations

Globe & Mail June 10, 2017 With a new home and a baby on the way, this summer was meant to be joyful for Pickering teacher A.J. Smith. Instead, he’s found himself squeezed by the Greater Toronto Area’s housing-market slowdown, watching tens of thousands of dollars evaporate from the value of a house he needs […]

China restricts home buyers

TIANJIN – The northern port city of Tianjin announced measures Friday to restrict home owners from buying new homes to cool the property market. Starting Saturday, single adults (including divorced individuals) and families whose members do not have permanent residence permits, or hukou, will be prohibited from buying new apartments, including second-hand ones, if they already own at […]

Toronto demographics…

The Toronto Region’s population base is one of the fastest growing in Canada; growth between 2001 and 2014 equalled 87% of the total population of Calgary in 2015. More than half of the global population (54%) now lives in cities, and by 2050 it is expected to grow to 66%. Toronto has more than twice the proportion of recent […]

Defaulting Buyers lose their deposit

Defaulting Buyers lose their deposit – even in a rising market One of the fundamental principles of contract law is that damages are based on the actual loss suffered by the innocent party when there is a breach of contract. Damages restore the innocent party to the position she would have been in if the […]

New rules for principal residence exemption

A seasonal residence, such as a cottage, cabin, lake house or even ski chalet can be considered to be “ordinarily inhabited in the year” even if you only use it during vacation periods “provided that the main reason for owning the property is not to gain or produce income.” As part of the new measures […]

Mortgage pros say this is not a bubble…

There is no housing bubble, and any misguided attempts to fix one will cause bigger problems in the long run.  That’s one of the main takeaways of a new report from Mortgage Professionals Canada, an industry group that represents 11,000 mortgage brokers across the country. “Housing bubbles do not exist in Canada,” the group’s chief […]

Update on Toronto’s growth

“UrbanToronto’s Growth to Watch For Series has tracked the hundreds of development proposals and construction projects across the city. Moving from neighbourhood to neighbourhood, each entry of our 16 part series provides a fine-grained overview of local development. With the series now complete, we bring together our 2016 editorials in an exhaustively comprehensive survey of […]

Millennials’ dark financial fears

Far from having their heads buried in the financial sand, twenty– and thirty-something Canadians are feeling anxious, angry and scared about their futures. In December, we asked The Globe’s millennial readers to send us their biggest financial fears. More than 1,200 of them did. The answers varied but certain themes emerged: skyrocketing house prices, an […]

Higher tax on real estate investments?

Higher tax on capital gains unlikely to deter property investment There’s speculation that the federal budget coming Tuesday will include a tax measure that would hit people buying and then selling investment properties in hot housing markets. That’s not how higher taxes on capital gains would be billed, but people buying investment properties in addition […]

Mortgage fraud thrives in Canada

Earlier this year, Home Capital Group Inc., the country’s largest alternative mortgage lender, revealed it had cut ties with 45 mortgage brokers after an anonymous letter to the company’s board of directors sparked an investigation into forged documents, such as fake employment letters and income statements. Collectively, the brokers who were fired generated nearly $1-billion […]

What common law couples should know

A lot of people assume that common law relationships are the same as marriage after a certain number of years.  This is both correct and incorrect.  It’s correct in the fact that certain rights are acquired in a common law relationship, but the matrimonial home is still just that – the matrimonial home. You need […]

The Bank of Mom and Dad

The Bank of Mom and Dad is helping buoy up the Toronto housing market…. ‘Gift letters’ have become a common form of currency as young buyers struggle to save down payments.  Helping out the kids with a home purchase is not new. But the amounts being signed over have reached staggering heights in the GTA, […]